India sees huge potential for the technical textile sector as sector is expected to grow at 20 percent per annum during the next two years, said Union Minister for Textiles Santosh Kumar Gangwar.

Government recognizing the importance of technical textiles in the national economy as well as the potential for increasing production and exports in the sector will be organizing the fourth edition of TECHNOTEX. FICCI in collaboration with the Ministry of Textile, will be holding the event in Mumbai next year from 9 to 11 April.

As per the 12th Five Year Plan estimates, the market size of technical textiles is expected to grow at CAGR of 20 per cent and reach Rs 1,58,540 crore by 2016-17. The current market size is estimated to be Rs 1,09,659 crore.

The government has already approved setting up of 13 textile parks, entailing minimum investment of Rs 100 crore each, the minister said.

Textile Commissioner Kiran Soni said that eight Centres of Excellence have been created for the technical textiles industry.

The market size of technical textiles is projected at $17909 millions and 850 units are registered under Technology Upgradation Fund Scheme as technical textile units with the textile commissioner.

According to government estimates, exports of technical textiles has grown from $624.95 million in 2007-08 to $1355.04 million in 2012-13 with a CAGR of 17%, while imports has grown from $835.82 million in 2007-08 to $1434.97 million in 2012-13 at a CAGR of 11%.

Technical textiles include tyre cords, fabrics, airbags, industrial textiles, furniture lining, tents, fire services equipments, bullet proof jackets, parachutes, etc.